Which of the following is TRUE about the auditor’s observation of the client physical inventory? The...
- Which of the following is TRUE about the auditor’s observation of the client physical inventory?
- The auditors should plan the physical inventory
- The auditors should segregate damaged and obsolete goods
- The auditors should supervise the clients personal
- The auditors should evaluate the adequacy of the client’s counting procedures
- Auditor should perform audit procedures relating to subsequent events.
- Thought year end
- Through the day of auditor’s report
- Through issuance of the audit report
Homework Answers
| Which of the following is TRUE about the auditor’s observation of the client physical inventory? | |||||
| The auditors should plan the physical inventory | |||||
| The auditors should segregate damaged and obsolete goods | |||||
| The auditors should supervise the clients personal | |||||
| The auditors should evaluate the adequacy of the client’s counting procedures | Correct | The auditor's observation addresses the existence assertion | |||
| Auditor should perform audit procedures relating to subsequent events. | |||||
| Thought year end | |||||
| Through the day of auditor’s report | Correct | Analytical Procedures performed near the end of the audit. | |||
| Through issuance of the audit report | |||||
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